A Golden Rule of Public Finance or a Fixed Deficit Regime? Growth and Welfare Effects of Budget Rules
A Golden Rule of Public Finance or a Fixed Deficit Regime? Growth and Welfare Effects of Budget Rules
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公共财政的黄金法则还是固定赤字制度？
DOI：
10.2139/ssrn.1296734
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
Max Groneck
中科院分区：
文献类型：
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作者：
Max Groneck
本文在一个包含生产性公共资本、效用促进公共消费和公共债务的内生增长模型中，比较了不同预算规则对增长和福利的影响。我们发现，一个固定的赤字制度并不影响长期增长率相比，一个平衡的预算，而增长率增加了一个黄金法则。福利效应是模糊的。模拟结果表明，从福利角度来看，由具有平滑消费强烈倾向的家庭组成的经济体应坚持平衡预算，而不是黄金法则或固定赤字法则。
In this paper, we compare growth and welfare e¤ects of various budget rules within an endogenous growth model with productive public capital, utility enhancing public consumption and public debt. We find that a fixed deficit regime does not affect the long run growth rate compared to a balanced budget while the growth rate is increased by a golden rule. Welfare effects are ambiguous. Simulations indicate that economies populated by households who have a strong tendency to smooth consumption should adhere to a balanced budget rather than a golden rule or a fixed deficit rule from a welfare point of view.
债务政策规则、生产性政府支出和多元增长路径
DOI：
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发表时间：
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期刊：
Macroeconomic Dynamlcs (未定)(掲載確定)
影响因子：
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作者：
Koichi Futagami;Tatsuro Iwaisako;Ryoji Ohdoi
通讯作者：
Ryoji Ohdoi